A power of attorney gives authorisation to another person/s to manage your financial or other affairs, often in situations where you may be unable to do so. This might be due to mental or physical health, or simply inconvenience, such as being abroad. Making a lasting power of attorney can be as important as making a will and should be considered at the same time.
This authorises another person/s to manage all or some of your financial affairs on your behalf. This can assist someone if they become incapable of managing their own affairs. Indeed, the LPOA can be restricted to being effective only if that becomes the position. For it to be effective, it also needs to be registered at the Office of the Public Guardian (OPG).
This authorises another person/s to make decisions about your care and welfare, to include issues such as medication, treatment etc. This must also be registered with the OPG and is only effective when you are incapable of making these decisions yourself.
This authorises another person/s to manage only your financial affairs. If you lose mental capacity it becomes ineffective. It can be used where you are abroad or otherwise unable to manage your own affairs or as a holding position whilst your LPOA is being registered.
An ordinary Power of Attorney can often provide invaluable short-term assistance. An LPOA is invaluable in future planning, particularly if you become incapable of managing your own affairs when it can: -
• provide peace of mind in allowing others to provide for you and loved ones
• provide protection. Because of the need to register an LPO, those who deal with your affairs are accountable for their actions.
• allow someone else to intervene immediately. The alternative might see assets being "frozen" until a lengthy Court of Protection application succeeds to achieve a similar position to an LPOA.
• ensures you choose who assists you in any time of need
• ultimately save costs should the LPOA need to come into effect
The costs vary depending on the nature of the work involved but we generally have fixed fees for Powers of Attorneys. Please telephone, email or use our contact us page for our current rates and fees relevant to your circumstances.
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